Scientific Learning Corp. (SCIL, Financial) filed Quarterly Report for the period ended 2012-09-30.
Scientific Learning Corporation has a market cap of $17.3 million; its shares were traded at around $0.74 with and P/S ratio of 0.4.
K-12 booked sales decreased by 38% to $6.9 million in the three months ended September 30, 2012 and by 40% to $16.2 million for the nine months ended September 30, 2012 as compared to the same periods of 2011. Non-school booked sales, including private practice, international, direct to consumer, virtual schools and OEM customers, decreased by 19% to $0.8 million and 8% to $3.3 million during the three and nine months ended September 30, 2012 as compared to the same periods in 2011 due to changes in pricing and the timing of certain international transactions.
Booked sales in the K-12 sector decreased by 38% to $6.9 million in the three months ended September 30, 2012 compared to $11.2 million in the three months ended September 30, 2011. Booked sales in the K-12 sector decreased by 40% to $16.2 million in the nine months ended September 30, 2012 compared to $26.7 million in the nine months ended September 30, 2011. As described above, state and local budget pressures continued to cause many school districts to struggle to maintain their core functions. Booked sales to the K-12 sector were 90% and 92% of total booked sales for the three months ended September 30, 2012 and 2011, respectively. Booked sales to the K-12 sector were 83% and 88% of total booked sales for the nine months ended September 30, 2012 and 2011, respectively.
Historically, large booked sales, which we define as transactions totaling more than $500,000, have been an important indicator of mainstream education industry acceptance and an important factor in reaching our goal of increasing sales force productivity. In the three and nine months of 2012, budget shortfalls of our current and potential customers made it difficult to close large deals in our pipeline. In the three and nine months ended September 30, 2012, we closed one transaction in excess of $0.5 million, representing 3% of our booked sales for the nine months ended September 30, 2012. In the three and nine months ended September 30, 2011, we closed one and three transactions in excess of $0.5 million, respectively, representing 5% and 8% of our booked sales for those same periods.
We continue to focus on increasing the percentage of subscription bookings. In the three months ended September 30, 2012 compared to the same period in 2011, the subscription booked sales increased 174% to $1.5 million. In the nine months ended September 30, 2012 compared to the same period in 2011, the subscription booked sales increased 332% to $3.9 million. Subscription bookings as a percentage of total booked sales increased to 19% from 4% for the three months ended September 30, 2012 and increased to 20% from 3% for the nine months ended September 30, 2012 compared to the same periods in 2011. The following table sets forth information relating to our subscription booked sales (dollar amounts in thousands):
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Scientific Learning Corporation has a market cap of $17.3 million; its shares were traded at around $0.74 with and P/S ratio of 0.4.
Highlight of Business Operations:
Over time, we believe our On Demand MySciLEARN platform will enable us to significantly increase the number of smaller, more predictable transactions and recurring revenue. In the three months ended September 30, 2012, subscription booked sales increased by 174% and represented 19% of booked sales compared to 4% of total booked sales in the same period of 2011. For the nine months ended September 30, 2012, subscription booked sales increased 332% to 20% of total booked sales in the same period of 2011 as compared to 3% of total booked sales in the nine months ended September 30, 2011.K-12 booked sales decreased by 38% to $6.9 million in the three months ended September 30, 2012 and by 40% to $16.2 million for the nine months ended September 30, 2012 as compared to the same periods of 2011. Non-school booked sales, including private practice, international, direct to consumer, virtual schools and OEM customers, decreased by 19% to $0.8 million and 8% to $3.3 million during the three and nine months ended September 30, 2012 as compared to the same periods in 2011 due to changes in pricing and the timing of certain international transactions.
Booked sales in the K-12 sector decreased by 38% to $6.9 million in the three months ended September 30, 2012 compared to $11.2 million in the three months ended September 30, 2011. Booked sales in the K-12 sector decreased by 40% to $16.2 million in the nine months ended September 30, 2012 compared to $26.7 million in the nine months ended September 30, 2011. As described above, state and local budget pressures continued to cause many school districts to struggle to maintain their core functions. Booked sales to the K-12 sector were 90% and 92% of total booked sales for the three months ended September 30, 2012 and 2011, respectively. Booked sales to the K-12 sector were 83% and 88% of total booked sales for the nine months ended September 30, 2012 and 2011, respectively.
Historically, large booked sales, which we define as transactions totaling more than $500,000, have been an important indicator of mainstream education industry acceptance and an important factor in reaching our goal of increasing sales force productivity. In the three and nine months of 2012, budget shortfalls of our current and potential customers made it difficult to close large deals in our pipeline. In the three and nine months ended September 30, 2012, we closed one transaction in excess of $0.5 million, representing 3% of our booked sales for the nine months ended September 30, 2012. In the three and nine months ended September 30, 2011, we closed one and three transactions in excess of $0.5 million, respectively, representing 5% and 8% of our booked sales for those same periods.
We continue to focus on increasing the percentage of subscription bookings. In the three months ended September 30, 2012 compared to the same period in 2011, the subscription booked sales increased 174% to $1.5 million. In the nine months ended September 30, 2012 compared to the same period in 2011, the subscription booked sales increased 332% to $3.9 million. Subscription bookings as a percentage of total booked sales increased to 19% from 4% for the three months ended September 30, 2012 and increased to 20% from 3% for the nine months ended September 30, 2012 compared to the same periods in 2011. The following table sets forth information relating to our subscription booked sales (dollar amounts in thousands):
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